Mentioning the impressive achievements of India on the digital front and artificial intelligence, prime Minister of the country Narendra Modi spoke extensively on the platform of Sydney Dialogue. However, the most important part of his speech that caught the attention of Crypto experts is his mentioning that democratic countries in the world must come together in order to ensure that cryptocurrency assets must not end up in the hands of the wrong people.
It is important to understand that this comment has come in the wake of recent developments among regulators in India, as the country is reportedly in the final stage of drafting cryptocurrency regulations. According to the inside reports, the government is in favor of regulating cryptocurrencies rather than initial news of its intention to outrightly ban digital coins.
The Crypto ecosystem in India is thriving at a very rapid pace, and the country has the distinction of producing many Crypto unicorns despite not having enough support from the regulators and policymakers. If now the Central Bank of the country, the Reserve Bank of India, and other financial authorities and regulators adopt an open policy towards cryptocurrencies, the country has the capacity to produce enormous growth on the front of digital coins.
The cryptocurrency community in India is very active and has been part of the legal battle that it took against the authorities when they decided to outrightly ban Banks and Financial Institutions from dealing in cryptocurrencies in the past.